Home Prices Soar While Incomes Stagnate, Freezing Many Out of the Housing Market
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The average home price is now over $400,000 while the average income is only $74,580, making homebuying unaffordable.
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Major cities like LA and NY have average home prices of $850,000 and $565,000, pricing out buyers.
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Sunbelt cities like Phoenix have seen home prices rise 50% in 2 years as buyers migrate, soon pricing out locals.
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With high prices and rising interest rates, future generations may be frozen out of the housing market.
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Options like moving to affordable markets, fixer-uppers, and passive real estate investing can help buyers get creative.